360 Blockchain Inc (CSE:CODE, OTCMKTS:BKLLF) revealed it had further entered the rapidly growing cryptocurrency space - as its new subsidiary SV CryptoLab has launched its 2018 Spring Hackathon.
The collaborative computer event on March 21 will see programmers focusing on finding blockchain solutions for hedging cryptocurrency against price declines.
The first phase of the program should provide 360 with the ability to hedge its bitcoin mining operation, as the firm wants to expand it beyond the current capacity.
A hedging program ...
"Our goal is to develop a hedging program to enable 360 to lock in the value of any coins it may earn from its crypto-mining activities," said George Tsafalas, 360's president and chief executive.
"Development of this program will be valuable for 360 near term, and could lead to other products and services being offered by the company over the long term.
"This is a great example of the value proposition that led us to acquire our interest in SV CryptoLab," added Tsafalas.
The firm added that future plans for the hedging program may include services provided to other companies and individuals involved in mining operations.
By using currently available CME futures markets and SV CryptoLab's trading capabilities, the downside of cryptocurrencies can be hedged.
Cutting edge facility ...
In January this year, 360 Blockchain said it had closed its previously announced acquisition of 60% of Silicon Valley-based SV CryptoLab
During working hours, it is a cutting-edge facility open to the public and blockchain and cryptocurrency enthusiasts are invited to attend weekly meetups and hackathons free-of-charge.
But on nights and weekends, the facility’s hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.
SV CryptoLab utilises a proprietary evaluation algorithm to determine the most attractive cloud-mining contracts.